Medtronic (MDT) Operating Margin (2014 - 2026)
Medtronic (MDT) reported Operating Margin of 18.08% for fiscal Q1 2027 (quarter ended Jul 31, 2026), up 1.24 percentage points from 16.85% a year earlier but down 1.02 percentage points from the prior quarter.
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Analysis
Medtronic (MDT) Operating Margin (2014 - 2026) Analysis & Trends
For FY2026 (ended Apr 24, 2026), Medtronic posted Operating Margin of 17.78%, up 0.03 percentage points from FY2025.
- Operating Margin has a five-year change of +2.90 percentage points (FY2021 to FY2026).
- By fiscal year, Operating Margin came in at 17.76% in FY2025 (+1.86 pp), 15.89% in FY2024 (-1.67 pp), 17.56% in FY2023 (-0.59 pp) and 18.15% in FY2022 (+3.26 pp).
- Five-year quarterly Operating Margin spans a low of 12.26% in fiscal Q4 2024 and a high of 21.37% in fiscal Q3 2022.
- Year over year, Operating Margin gained in six of the last eight quarters, with an average year-over-year change of +1.09 percentage points.
- The high point for year-over-year Operating Margin in five years was fiscal Q2 2022 (a gain of 7.76 percentage points); the low point was fiscal Q4 2024 (a drop of 6.05 percentage points).
- Per Business Quant data, the three fiscal quarters before Q1 2027 came in at 19.10% (Q4 2026), 16.24% (Q3 2026) and 18.81% (Q2 2026).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Thermo Fisher Scientific | 251.30 Bn | 230.45 Bn | 4.88 Bn | 17.40% |
| 2 | Abbott Laboratories | 174.70 Bn | 145.78 Bn | 7.27 Bn | 13.44% |
| 3 | Danaher | 158.94 Bn | 142.76 Bn | 3.61 Bn | 17.99% |
| 4 | Intuitive Surgical | 145.87 Bn | 125.42 Bn | 1.96 Bn | 33.60% |
| 5 | Medtronic | 111.49 Bn | 77.36 Bn | 6.34 Bn | 18.08% |
| 6 | Stryker | 106.96 Bn | 93.08 Bn | 4.50 Bn | 25.18% |
| 7 | Boston Scientific | 63.62 Bn | 58.63 Bn | 3.85 Bn | 21.65% |
| 8 | Edwards Lifesciences | 50.80 Bn | 34.92 Bn | 1.35 Bn | 29.48% |
| 9 | Becton Dickinson | 49.59 Bn | 46.74 Bn | 2.32 Bn | 13.31% |
| 10 | Agilent Technologies | 49.34 Bn | 42.23 Bn | 1.04 Bn | 23.64% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jul 31, 2026 | 18.08% |
| Apr 24, 2026 | 19.10% |
| Jan 23, 2026 | 16.24% |
| Oct 24, 2025 | 18.81% |
| Jul 25, 2025 | 16.85% |
| Apr 25, 2025 | 16.09% |
| Jan 24, 2025 | 19.85% |
| Oct 25, 2024 | 18.98% |
| Jul 26, 2024 | 16.15% |
| Apr 26, 2024 | 12.26% |
| Jan 26, 2024 | 18.33% |
| Oct 27, 2023 | 16.78% |
| Jul 28, 2023 | 16.46% |
| Apr 28, 2023 | 18.31% |
| Jan 27, 2023 | 18.01% |
| Oct 28, 2022 | 18.51% |
| Jul 29, 2022 | 15.26% |
| Apr 29, 2022 | 20.66% |
| Jan 28, 2022 | 21.37% |
| Oct 29, 2021 | 19.92% |
API Access
Medtronic Operating Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-margin&ticker=MDT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "ticker": "MDT", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-margin&ticker=MDT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();